Spelman College announced Sunday that it has suspended the Cosby Chair for the Humanities, a prestigious endowed professorship funded in part by Bill Cosby and his wife, Camille Cosby, over sexual assault allegations against the comedian. The decision comes amid a series of rape and sexual assault claims that have resurfaced over the last month.

The William and Camille Olivia Hanks Cosby Endowed Professorship is named after the 77-year-old actor’s parents and was established after Cosby and his wife gave the school $20 million -- the largest donation from an African-American to a historically black college -- in 1987. It was not revealed if...